Gogo Inc. Appoints New CEO from Satcom Direct

Gogo Inc., known for providing wireless entertainment systems on aircraft, experienced a significant decline in its stock value, with shares falling by as much as 8.9% on Tuesday. This marked the sharpest intraday drop since August.

The decline came after the company announced a series of changes in its senior management prior to completing the acquisition of Satcom Direct. Gogo confirmed that Christopher Moore, previously the president of Satcom Direct, will assume the role of CEO after the acquisition is finalized.

Current CEO Oakleigh Thorne will step down but will maintain his connection with the company as chairman of the board. Additionally, Gogo announced internal promotions, with Mike Begler taking on the new role of Chief Operating Officer (COO) and Zachary Cotner assuming responsibilities as Chief Financial Officer (CFO).

These appointments coincide with the departure of current CFO Jessica Betjemann, who will leave her position following the closure of the Satcom deal.

The acquisition of Satcom Direct has drawn investor interest since its announcement on September 30, leading to a 3.4% increase in Gogo's shares following the news.